https://www.taxtmi.com/caselaws?id=22215 The court ruled that for the assessment years 1964-65 and 1965-66, royalty deduction should be based on the government-sanctioned rate of 1 1/2 pence per pound. However, for the assessment year 1966-67, the deduction should be per the agreed rate of 4 1/2 pence per pound. Regarding the treatment of the difference in royalty liability for the assessment year 1967-68, the liability written off with the foreign company's consent should be treated as income under section 41(1) of the Income-tax Act for years other than 1966-67. en-us Tue, 09 Apr 1991 00:00:00 +0530 Tue, 08 Dec 2009 11:34:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22215 The court ruled that for the assessment years 1964-65 and 1965-66, royalty deduction should be based on the government-sanctioned rate of 1 1/2 pence per pound. However, for the assessment year 1966-67, the deduction should be per the agreed rate of 4 1/2 pence per pound. Regarding the treatment of the difference in royalty liability for the assessment year 1967-68, the liability written off with the foreign company's consent should be treated as income under section 41(1) of the Income-tax Act for years other than 1966-67. Case-Laws Income Tax Tue, 09 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22215